Ant Financial has launched a new consortium blockchain platform called OpenChain that will enable small and micro enterprises (SMEs) and developers to tap into Ant Financial’s proprietary consortium of blockchain technologies and deploy smart contracts and decentralized apps (DApps) with higher efficiency and lower cost.
On April 16 an announcement was made stating that the platform would allow developers and small and micro enterprises to utilize innovative blockchain tools through which they can explore the technology further and develop better applications and smart contracts on the blockchain.
We've launched our #OpenChain product, our consortium #blockchain product for SMEs and entrepreneurs, making our blockchain more inclusive for all https://t.co/tc7P01Q8zb — Ant Financial (@AntFinancial) April 16, 2020
According to the release, SMEs and developers would be able to use various combinations of the available tools to create products related to supply chain, finance, product provenance, digital invoices, and charitable donations. This can help diversify the reach of blockchain technology across different scenarious.
Ant Financial’s OpenChain also uses trusted computing capabilities to enhance data security and protection for the apps running on its platform.
In a statement, Jin Ge, General Manager of Blockchain Platforms at Ant Financial said:
“Applications of blockchain technology have ballooned over the past few years. Through the launch of the OpenChain platform, we aim to help one million SMEs and developers innovate and explore more use cases in the next three years.”
OpenChain features industry-leading blockchain technologies developed by Ant Financial to build trust in commercial and transactional use cases, the success of which typically depends on multi-party collaboration.
WhiteMatrix, a provider of individual developer services as well as enterprise blockchain app development services, has been using OpenChain to develop smart contracts for developers since the platform began its initial alpha testing.
Wu Xiao, the founder and CEO of WhiteMatrix added:
“The platform offers efficient blockchain development services, facilitates cost-effective smart contracts, and lowers the entry barrier for developers. Not only are OpenChain’s transaction speeds several times faster than public blockchain platforms like Ethereum, but the cost per transaction is only one tenth of others.”